Investors flush with cash are looking to buy up commercial real estate properties that developers are putting on the market at deep discounts as companies struggle to pay debts, according to The Wall Street Journal.
Many investment firms are looking to buy up discounted real estate after stacking up cash during the COVID-19 pandemic, including Ares Management, which is buying up 3 million square feet of office space with offers to buy up assets related to $500 million in high-priority property debt, according to the WSJ. Commercial real estate is facing around $2.81 trillion in loans that are set to expire through 2028 at a time when the industry is struggling with low demand and huge debt costs from high interest rates.
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